In this paper, an asymmetric source configuration of Multilevel Inverter (MLI) topology has been proposed. It consists of eight unidirectional switches, two bidirectional switches and four isolated DC sources. By considering 1:5 and 1:4 source configurations, the inverter produces 25-level and 21-level outputs respectively with the same switching action. For producing negative voltage levels, there is no requirement of separate backend H-bridge and inherently produces both positive and negative voltage levels. The main advantage of this topology is that in every state, only four switches are in ON mode and else are in OFF state. It also gives less per unit Total Standing Voltage (TSV) and thereby cost requirement of semiconductor devices can become decreases. For generating gate pulses, the simple Nearest Level Control (NLC) has been used by considering the round function. This technique is basically a fundamental switching frequency technique thereby switching losses are greatly reduces as compared with high switching frequency Pulse Width Modulation (PWM) techniques and it is particularly suitable for large number of levels. With this control technique, there is no inrush current has been developed at the input of DC sources. Finally, with step change in Modulation Index (MI) values the proposed topology with two different source configurations have been validated through MATLAB/Simulink platform.